Hard Rock Could Enter Michigan As Part of the Deal with Rush Street
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Following the recent announcement that Rush Street Interactive, the operator of BetRiers MI Online Casino, is looking into possible acquisition prospects, Michigan has become an even more attractive destination for online gamblers and new MI online casinos looking to start their operation in a hot state.
According to early reports from Bloomberg, DraftKings seemed to be vying for the highly sought-after license. The iGaming behemoth responded to the claims in a hazy manner, neither confirming nor refuting its stated interest. However, that was a week ago.
Another potential suitor who hasn’t yet made it to Michigan surfaced this week.
Steve Ruddock, an expert in the gaming market, believes that Hard Rock may be the one entering Michigan.
At this point, it seems more probable that RSI and Hard Rock will reach an agreement than RSI and DraftKings. Ruddock says there are two ways this may be accomplished.
Option 1: Filling SI Casino’s Vacancy
Straight-up buy-in may seem like the best solution, but it’s not necessarily the most practical. This is only a result of how uncommon the occasion is. Since there are only 15 licenses available for online casinos and sportsbooks in Michigan, these licenses are highly sought for.
Thus, one of those highly sought-after licenses became available when 888 Holdings announced on March 6 that it was splitting from Sports Illustrated, marking the end of SI’s casino and sportsbook operation in Michigan.
Option 2: Buy RSI and Take Over its Assets
Purchasing RSI would undoubtedly be the more costly choice, but it would at least provide Hard Rock with a solid starting point. Hard Rock would acquire BetRivers’ online casino and sports betting platform if it chooses this course of action.
With a $316.3 million lifetime revenue, the former is in fourth place out of 15 rivals, just behind the big three BetMGM, FanDuel, and DraftKings. BetRivers Casino Michigan has a 6.3% market share in the state’s online casino industry.
